SAN ANTONIO — NAI Partners represented Waste Management Inc. in subleasing a 180,000-square-foot recycling distribution facility located at 1228 Cornerway in San Antonio. Chris Caudill of NAI Partners, along with John Greg Tourcotte of REOC San Antonio, represented Waste Management in the sublease negations. Southern Warehousing & Distribution is the subtenant.
TEXAS CITY, TEXAS — HFF has negotiated the sale of Palmer Plaza, a 98,816-square-foot retail center in the southern Houston suburb of Texas City. HFF arranged the sale on behalf of the seller, Weingarten Realty Investors. EDIFIS purchased the asset for an undisclosed amount. Palmer Plaza is positioned on 8.4 acres at Emmett F. Lowry Expressway and SH 146. The center, including two outparcel buildings, is 94 percent leased to tenants including Goodwill, Dollar Tree, Anytime Fitness, T-Mobile and Ace Cash Express. Ryan West and Matt Berry led the HFF investment sales team representing the seller.
PLYMOUTH MEETING, PA. — Stream Capital Partners has brokered the $13.2 million sale-leaseback of Markel Corp.’s corporate headquarters. Located in Plymouth Meeting, the 166,667-square-foot industrial/flex building has served as Markel’s headquarters for more than 40 years. Markel is leasing the building back on a long-term absolute triple-net lease with periodic rental increases and multiple renewal options from the buyer, a private industrial group based in the Midwest. Jonathan Wolfe and Jordan Shtulman of Stream Capital represented the seller, Markel Corp., in the transaction.
HARRISBURG, PA. — New York-based TL Management has acquired Spring Creek Rehabilitation & Health Care Center, located at 1205 S. 28th St. in Harrisburg. The acquisition was funded in part by a $48 million credit facility arranged by First Niagara Bank. Spring Creek is a 404-bed rehabilitation and healthcare center features both short-term rehabilitation and long-term care facilities.
PROSPECT PARK, PA. — Rittenhouse Realty Advisors has arranged the sale of Colonial Park West Apartments, a 96-unit garden-style apartment property located at 211 Lazaretto Road in Prospect Park. Friedman Realty Group acquired the property from an undisclosed seller for $8.7 million. The buyer plans to renovate the property with upgrades to kitchens and bathrooms in each unit and the exterior. Ken Wellar and Corey Lonberger of Rittenhouse Realty Advisors brokered the transaction.
SALEM, MASS. — CBRE/New England has negotiated the sale of Jefferson at Salem Station, a garden-style apartment community located in Salem. Salem Station LLC sold the property to an affiliate of Bell Partners Inc. for an undisclosed sum. Built in 2002, the property features 266 market-rate apartments spread across five four-story elevator buildings and four two-story townhouse buildings. The units are a mix of one- and two-bedroom apartments and two-bedroom townhomes with an average size of 1,115 square feet. Community amenities include a great room, media room, business center, fitness center and an outdoor pool with sundeck and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.
ASBURY, N.J. — Marcus & Millichap has arranged the sale of ABM Self Storage, a 59,562-square-foot self-storage facility located at 190 New Jersey Highway 173 in Asbury. A limited liability company acquired the asset for $4.6 million. Situated on 5.8 acres, the four-building property features 400 storage units. Anthony Asencio, Michael Mele, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the seller, a developer, and the buyer in the transaction.
Convenience, quality and experience are the key deliverables for today’s retail customer. Make it easy, of high value and enjoyable. Today’s shopper has less time, less money and less patience for retailers and developers to “get it right.” They want shopping to be an event and a social experience. They want a reason to get off the couch and go shopping instead of simply buying online. Although e-commerce still accounts for less than 15 percent of retail sales in the United States, it dramatically impacts consumers’ expectations and will increasingly influence retail trends. Shoppers are better informed, often having thoroughly researched the options and narrowed their choices before ever setting foot in the store. Salespersons must be better informed and prepared to successfully engage sophisticated consumers. Sales of consumer goods perceived to be commodities, some of which include books, electronics and office supplies, are continuing to migrate online. Retailers who are able to seamlessly integrate their brick and mortar stores with their online presence have been able to take advantage of shifting trends successfully, while those who haven’t struggle to compete. Omni-channel retailing is becoming more mainstream. Retailers that haven’t adopted omni-channel retailing are racing to catch up to businesses …
ATLANTA AND NASHVILLE, TENN. — Alliance Residential Co. has started construction on two luxury apartment developments in Atlanta and Nashville. The projects include Broadstone Ridge, a five-story development within walking distance of the Chattahoochee National Recreation Area and the new Atlanta Braves stadium, and Broadstone 8 South in Nashville’s 12South/8th Avenue neighborhood. Since 2012, Alliance Residential’s pipeline has totaled more than $350 million with projects in Georgia, South Carolina and Tennessee. The company recently delivered The Haynes House and Broadstone Court in Atlanta and Broadstone Seaside in Charleston. Current projects in the company’s pipeline include Broadstone Midtown in Midtown Atlanta, Broadstone Springs in Sandy Springs, Ga., and Broadstone Germantown in Nashville.
GARDEN CITY, GA. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop Westport Business Park on a 33-acre land parcel in Garden City, which borders Savannah. The 312,000-square-foot speculative distribution center will feature 32-foot clear heights with 94 dock doors, 52-foot by 60-foot stage bays, T5 lighting, ESFR sprinklers, 45 trailer spaces and 77 car parking spaces. The facility will be situated less than two miles from the Garden City Terminal at the Port of Savannah and the Savannah/Hilton Head International Airport. The joint venture expects to complete the project by mid-2016.